Calfrac Well Services Ltd (CFW) Shares Up 4.2% on Insider Buying Activity

Calfrac Well Services Ltd (TSE:CFW) shares shot up 4.2% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as C$4.03 and last traded at C$3.99. 1,050,458 shares changed hands during trading, an increase of 67% from the average session volume of 629,905 shares. The stock had previously closed at C$3.83.

Specifically, insider Wilks Brothers, Llc acquired 754,300 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were purchased at an average price of C$3.37 per share, for a total transaction of C$2,541,991.00. Also, insider Dan Wilks purchased 2,094,577 shares of Calfrac Well Services stock in a transaction that occurred on Wednesday, August 23rd. The shares were acquired at an average price of C$3.42 per share, for a total transaction of C$7,163,453.34. Insiders have acquired 3,987,477 shares of company stock worth $13,856,425 in the last 90 days.

CFW has been the topic of a number of research analyst reports. Canaccord Genuity reduced their price target on Calfrac Well Services from C$4.00 to C$3.00 in a report on Tuesday, July 11th. National Bank Financial boosted their price target on Calfrac Well Services from C$4.25 to C$5.75 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. CIBC lowered their price objective on Calfrac Well Services from C$5.75 to C$4.00 in a research report on Thursday, July 20th. Royal Bank Of Canada upped their price objective on Calfrac Well Services from C$4.00 to C$5.00 and gave the company a “sector perform” rating in a research report on Thursday, July 27th. Finally, Scotiabank upped their price objective on Calfrac Well Services from C$5.00 to C$6.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. Calfrac Well Services presently has a consensus rating of “Hold” and a consensus target price of C$4.90.

The stock’s market capitalization is $544.35 million. The firm has a 50-day moving average of $3.46 and a 200 day moving average of $3.33.

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Calfrac Well Services Company Profile

Calfrac Well Services Ltd. is a provider of specialized oilfield services. The Company operates through four geographical segments: Canada, the United States, Russia and Latin America. Its services include hydraulic fracturing, coiled tubing, cementing and other well stimulation services. The Canadian segment provides fracturing and coiled tubing services to oil and natural gas exploration and production companies in Alberta, northeast British Columbia, Saskatchewan and southwest Manitoba.

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